According to new research, as many as one in six UK home owners have revealed they are considering remortgaging their home within the next six months as the continuing mortgage price cutting wars rumble on.
It was cited from those who took part in the research that the average person is hoping for savings just short of £100 (£99) a month, which would equate to £1,188 annually.
This news follows on from the Council of Mortgage Lenders figures which highlighted that lending for remortgaging has grown by 15 per cent, month-on-month . Furthermore, industry experts are anticipating a surge in remortgaging as a result of recent rate cuts which have realised 5 year fixed rates drop below 2 per cent.
Additionally, the research demonstrates five year fixes are the most popular choice for customers who are wanting to remortgage, with 27 per cent stating they would choose a 5 year fix, while 21 per cent opting for a two year fix.
What’s more, the research indicates there’s certainly a heightened demand for fixed rate deals due to the fact that around 75 per cent of those looking to remortgage would choose a fixed rate deal. 12 per cent of candidates stated the ideal fix would be for a further length of time than five years.
If you’re not looking to remortgage but are instead looking for a new house, we’re here to help you find property for sale. Crediton, Winkleigh, and other mid-Devon areas are currently offering some fantastic homes. Please do not hesitate to get in contact with us for more information.